RVT +0.86%
NEW YORK, Apr 13, 2012 (BUSINESS WIRE) -- Royce Value Trust RVT +0.86%
-- Oldest and largest small-cap closed-end fund
-- Average weekly trading volume of approximately 341,000 shares
-- Fund’s adviser has more than 35 years of small- and micro-cap investment experience
Closing Prices - March 31, 2012
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NAV $15.94
MKT $13.89
Total Return Performance
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Periods ended March 31, 2012 NAV MKT
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Month* 0.40% -0.37%
Year to Date* 13.93 14.73
One-Year -5.33 -4.11
Three-Year Average Annual 30.67 28.47
Five-Year Average Annual 1.31 -2.54
10-Year Average Annual 6.47 5.42
*Not Annualized
Portfolio Diagnostics
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Wtd. Average Geometric Mkt. Cap: $ 1468 million
Wtd. Average P/E Ratio: 13.2*
Wtd. Average P/B Ratio: 1.8x
Net Assets Applicable to Common Stock: $ 1314 million
Net Leverage: 12.4 %
*The Fund’s P/E ratio calculation excludes companies with zero
or negative earnings.
Net leverage is the percentage, in excess of 100%, of the total value of equity type investments, divided by net assets, applicable to common stock.
Portfolio Composition
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Top 10 Positions % of Net Assets
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1. Coherent 1.2%
2. Nordson Corp. 1.0
3. HEICO Corp. 1.0
4. Oil States International 1.0
5. Carter’s 1.0
6. Advisory Board (The) 0.9
7. Cognex Corp. 0.9
8. Mohawk Industries 0.9
9. Lincoln Electric Holdings 0.9
10. Newport Corp. 0.8
Top Five Sectors % of Net Assets
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1. Industrials 28%
2. Information Technology 23
3. Financials 21
4. Consumer Discretionary 14
5. Materials 11
Recent Developments
Royce Value Trust, Inc. RVT +0.86% paid a quarterly distribution of $0.19 per share on its Common Stock. The distribution, optionally payable in additional shares of Common Stock, or in cash by specific stockholder election, on March 23, 2012 to stockholders of record at the close of business on March 6, 2012 (ex-dividend on March 2, 2012). The price of shares issued for reinvestment determined on March 13, 2012, was $14.09.
Royce Value Trust, Inc. has declared a cash dividend of $0.36875 per share on its Cumulative Preferred Stock, based on an annual rate of 5.90% of the initial liquidation preference of $25.00 per share on March 23, 2012 to stockholders of record at the close of business on March 6, 2012 (ex-dividend on March 2, 2012).
The Board of Directors of Royce Value Trust, Inc. has approved, subject to stockholder and other regulatory approvals, the contribution of approximately $100 million of RVT’s assets to a newly formed non-diversified, closed-end investment company, Royce Global Value Trust, Inc. (“RGT”). All of RGT’s common stock would then be distributed to the common stockholders of RVT. There is no assurance that necessary stockholder and regulatory approvals will be obtained.
Royce Value Trust is a closed-end diversified management investment company whose shares of Common (RVT) and 5.90% Cumulative Preferred Stock (RVTprb) are listed and traded on the New York Stock Exchange. Its primary investment goal is long-term capital growth, which it seeks by investing at least 65% of its assets in equity securities primarily of small- and micro-cap companies.